India’s gold imports increased in May, silver imports declined

According to commerce ministry data, gold worth $679.16 million (Rs 4,976.07 crore) was imported in May. This is many times more than gold worth $76.31 million imported in May last year amid the nationwide lockdown. Further, for the April-May period of FY22, imports of the yellow metal stood at $6.91 billion, as against gold worth $79.14 million during the corresponding period of the previous fiscal.

While gold imports have improved with the improvement in demand, silver imports on the other hand have declined.

Silver worth $15.66 million was imported last month, down 95.3 percent on a year-on-year basis. Besides, silver worth USD 27.56 million has been imported so far in FY22, which is about 94 per cent less than the imports during the corresponding period of last fiscal.
On the other hand, gems and jewelery exports from India grew manifold to $6.34 billion during the April-May period of the current financial year on a year-on-year basis. In May, gems and jewelery exports increased from $1.06 billion in May FY21 to nearly $3 billion.